Use it... OR LOSE IT?

[Amerikaner83]

How I fugured out when they reported to my Crs:

Pull my CRs daily or every two days from my monitoring service, and see which ones updated for that particlar month. Mine update between the 16tth and 23rd of the month. One or two update around the 11th.

[FICOfreak]

How I fugured out when they reported to my Crs:

Pull my CRs daily or every two days from my monitoring service, and see which ones updated for that particlar month. Mine update between the 16tth and 23rd of the month. One or two update around the 11th.

AK83,

That's probably the best way around the CC companies, since they find it painful to give a direct honest answer in an English dialect.

But, don't be too shocked when I say this... I don't have a subscription to any CRA. Yep, FICOfreak doesn't know his updated FICO, haha! Reason being, I HAVE NO IDEA which one(s) are truly accurate and honest, and also allow true daily access to your FICO and Reports without punishing you or charging you extra fees. UGH, it's like a jungle out there. Free Credit Report has all the money for advertising, but they are worthless from what I read around here, so I'm lost

Also, the free Government website that was set up was great, but it's only once a year, and you can't get your actual FICO without paying for it. Is there a way I can check online to see when I'm eligible for my next free credit report from the Gov?

THANKS!

[Amerikaner83]

Read my post again - i make no mention of FICO, my friend.

There is NOTHING that gives you daily pulls AND free FICO. IT doesn't exist.

I drop 12 bucks for chaseidprotection, update that one daily or every other day. Then I look to see when the last updated field gets to be this month, then I have a good idea.

I get my FICOs every 4 months or so...last done 1/1/09

[blkNgld]

Thanks everyone for your help...

I want to know the exact dates, so I can use the CC to my advantage to build FICO, BUT NEVER pay interest (pay it off in full the very next day.) Any tips from anyone on this? Should I call (HATE that, I don't like speaking with people that try to cross-sale me a million times and I can't understand them) e-mail, fax, etc?

I'm going to digest everything and see what would be best - be back soon

"I want to know the exact dates, so I can use the CC to my advantage to build FICO, BUT NEVER pay interest (pay it off in full the very next day.) "

I don't know if I am missing something here... but the answer to your question is a very simple one. If you want to show activity on your credit card (and on your credit report), just pay the "statement balance" or the balance that would show on your mailed statement or online statement for the previous month. If you make multiple purchases on your card some will fall before your statement date and some will fall after (and will show on your next ending statement balance).

So if you made three charges throughout the month of 10.00 each and two were before the statement closing date and one was after, you would have a statement balance of 20.00 and a total balance of 30.00. The 20.00 is due if you want to avoid finance charges and the remaining 10.00 is still under your grace period (I'm assuming you have a quality card that offers a grace period. As unbelievable as it sounds, some "starter" cards charge interest the second you make a charge).

All you need to do to avoid paying a finance charge is to always payment your "statement balance" when it is due. Any balance remaining on your card after you pay your statement balance will not be charged interest (unless you didn't pay it off next month) and will show on your credit report as the balance you are carrying.

I always use the grace period and some of my cards show a balance of 500-1,500 dollars, but I have never paid a cent of interest for as long as I can remember.

-B&G

[FICOfreak]

Read my post again - i make no mention of FICO, my friend.

There is NOTHING that gives you daily pulls AND free FICO. IT doesn't exist.

I drop 12 bucks for chaseidprotection, update that one daily or every other day. Then I look to see when the last updated field gets to be this month, then I have a good idea.

I get my FICOs every 4 months or so...last done 1/1/09

I see... so is there a common consensus around here with the veterans on where to purchase FICO's from that are as accurate as possible? I have a couple Chase accounts, I could go for Chase ID as long as it includes all big 3. Thanks.

[FICOfreak]

"I want to know the exact dates, so I can use the CC to my advantage to build FICO, BUT NEVER pay interest (pay it off in full the very next day.) "

I don't know if I am missing something here... but the answer to your question is a very simple one. If you want to show activity on your credit card (and on your credit report), just pay the "statement balance" or the balance that would show on your mailed statement or online statement for the previous month. If you make multiple purchases on your card some will fall before your statement date and some will fall after (and will show on your next ending statement balance).

So if you made three charges throughout the month of 10.00 each and two were before the statement closing date and one was after, you would have a statement balance of 20.00 and a total balance of 30.00. The 20.00 is due if you want to avoid finance charges and the remaining 10.00 is still under your grace period (I'm assuming you have a quality card that offers a grace period. As unbelievable as it sounds, some "starter" cards charge interest the second you make a charge).

All you need to do to avoid paying a finance charge is to always payment your "statement balance" when it is due. Any balance remaining on your card after you pay your statement balance will not be charged interest (unless you didn't pay it off next month) and will show on your credit report as the balance you are carrying.

I always use the grace period and some of my cards show a balance of 500-1,500 dollars, but I have never paid a cent of interest for as long as I can remember.

-B&G

NICE! Ok, very good points, thanks a lot. So statement balance is different than balance in full. Yes, my cards don't charge interest as soon as a purchase is made, so looks like I'll be able to follow your strategy.

[FICOfreak]

Black and Gold,

I looked through my online statements, and since I've been using my credit cards over the past month, I can see exactly what you're saying.

On one card for instance, I made a few purchases on 2/14, and 2/18 earlier this month... yet when I looks at my statement summary, it says "Payment Due March 5th: $0.00"

So like you were saying, that must be because I made those purchases in a time-period that counts towards the next (April 5th) billing cycle due date... right? So when March 5th rolls around, the statement doesn't even say I owe a minimum payment, it just says $0.00, so should I make a small payment or wait until April 5th to make a payment to make sure it reports but I don't pay interest? Thanks a lot! :)

[Bigwoodystyl]

Black and Gold,

I looked through my online statements, and since I've been using my credit cards over the past month, I can see exactly what you're saying.

On one card for instance, I made a few purchases on 2/14, and 2/18 earlier this month... yet when I looks at my statement summary, it says "Payment Due March 5th: $0.00"

So like you were saying, that must be because I made those purchases in a time-period that counts towards the next (April 5th) billing cycle due date... right? So when March 5th rolls around, the statement doesn't even say I owe a minimum payment, it just says $0.00, so should I make a small payment or wait until April 5th to make a payment to make sure it reports but I don't pay interest? Thanks a lot! :)

This just means your minimum payment due is $0.00. IOW, if you don't make a payment, you won't get a late fee; you'll pay interest if you don't pay the previous statement balance in full on or before the due date.

[FICOfreak]

Well I haven't used this card in a little over a year, so the balance is all within the past 2 weeks since Valentine's Day I listed. So is that still true? Thanks

[Bigwoodystyl]

Well I haven't used this card in a little over a year, so the balance is all within the past 2 weeks since Valentine's Day I listed. So is that still true? Thanks

Yes, it's still true. You'll pay interest if you don't pay the previous statement balance in full on or before the due date.

It just means your current statement hasn't cycled, yet. Your last statement balance was $0 (because you haven't used the card in a year).

Once your current statement closes, then you'll need to pay the statement balance in full on or before the due date, presumably sometime around April 5. Pay no attention to the minimum payment due.

You can pay whatever amount you wish right now if you want to, but it's not necessary.

[FICOfreak]

Yes, it's still true. You'll pay interest if you don't pay the previous statement balance in full on or before the due date.

It just means your current statement hasn't cycled, yet. Your last statement balance was $0 (because you haven't used the card in a year).

Once your current statement closes, then you'll need to pay the statement balance in full on or before the due date, presumably sometime around April 5. Pay no attention to the minimum payment due.

You can pay whatever amount you wish right now if you want to, but it's not necessary.

Thank you so much, I totally understand now. Basically, as long as I use my card a little every month from now on, ONLY ever pay in full (for no interest) the part on the statements that says "STATEMENT BALANCE" and not total balance or minimum payement? (Because even if the card has a higher balance than the statement balance, those charges would be more recent charges that do not count towards the interest rate for the specific billing cycle yet, right?)

[FICOfreak]

How I fugured out when they reported to my Crs:

Pull my CRs daily or every two days from my monitoring service, and see which ones updated for that particlar month. Mine update between the 16tth and 23rd of the month. One or two update around the 11th.

I just received this from HSBC... I wonder if most credit card companies follow suit? When is the "Bill Generation Date?"

"Dear Valued Best Buy Customer,

> Thank you for your email inquiry dated 02/22/2009.

>

> Please be advised that the credit reports will be sent on every bill

> generation date to all three major credit bureaus. They are Equifax,

> Transunion and Experian.

>

> Should you require further assistance, you may contact one of our Customer Service Representatives at 1-800-365-0292, or write to:

>

> HSBC Retail Services

> Attn: Correspondence

> PO Box 15521

> Wilmington DE 19850-5521

>

> Fax requests should be sent to 302-327-2963.

>

> Sincerely,

>

> HSBC Retail Services

>

> ***Please do not respond to this e-mail. Replies to this address can not be

> serviced.****"

[OMGWhatHaveIdone]

I just received this from HSBC... I wonder if most credit card companies follow suit? When is the "Bill Generation Date?"

The bill generation date is usually a few days before the bill is mailed out. You can call HSBC and ask them for the exact date.

[Bigwoodystyl]

Thank you so much, I totally understand now. Basically, as long as I use my card a little every month from now on, ONLY ever pay in full (for no interest) the part on the statements that says "STATEMENT BALANCE" and not total balance or minimum payement? (Because even if the card has a higher balance than the statement balance, those charges would be more recent charges that do not count towards the interest rate for the specific billing cycle yet, right?)

That's exactly correct. However, to be clear, you can pay more than the statement balance if you wish.. You can always pay the current charges + the previous statement balance, effectively creating a balance of $0 at any time... even though this isn't necessary to avoid finance charges.

Late fee-- A fee imposed for not paying at least the minimum due on or before the due date.

Statement balance-- The current balance at the time the statement cycles. Also, the amount necessary to pay on or before the due date in order to avoid finance charges.

Statement cycle date or statement close date or bill generation date. The day the statement closes/cycles and/or prints/is generated. This is the date used to start determining your grace period.

Grace Period-- Typically 20 or 21 or 22 or 25 or even 30 days. The grace period begins the day after the statement cycles. If you have a 22 day grace period and your statement cycles on February 28, then your payment will be due on March 22.

In short: even if your minimum payment due is $0 (this happens often for many different reasons), you will get a finance charge if you don't pay the full statement balance on or before the due date.

The bill generation date is usually a few days before the bill is mailed out.

Any reputable card issuer uses a vendor that mails the statement the day immediately after the statement prints. The only reason this doesn't happen on the same date listed on the statement is because the statement typically prints at midnight on the cycle date, and it's technically already the next day by the time the envelopes are sorted and sealed.